- The Company plans to invest over 100 billion won to build the largest logistics center in Jeollabuk-do
- Coupang will provide thousands of local residents with good jobs that provide insurance on the first day of work
- Following its IPO, Coupang plans to continue to invest in Korea, creating 50,000 more jobs by 2025, revitalizing local economies, and allowing customers to experience better services.
Mar. 26 Seoul – Coupang today announced its intent to build a new fulfillment center in North Jeolla Province. This announcement comes just two weeks after its listing on the New York Stock Exchange (NYSE) , and is a part of the company’s ongoing efforts to revitalize local economies and create new jobs throughout Korea.
Under the memorandum of understanding (MOU) signed with North Jeolla and Wanju County, Coupang plans to invest more than 100 billion won to build a new facility in Wanju. At nearly 100,000 square meters, the Coupang Wanju Fulfillment Center would be the largest logistics center in North Jeolla, and is expected to create over 2,000 new jobs. In line with the company’s existing employment practices, Coupang will prioritize the hiring of local residents, and help address gender and age employment gaps.
Unlike many logistics companies in Korea, which typically concentrate their facilities in metropolitan areas, Coupang has sought to distribute its infrastructure more evenly throughout the country. The company has established over 100 independent logistics centers in 30 cities across Korea to date, contributing to regional economic growth and job creation nationwide. As a result of the company’s significant investments in infrastructure, currently, 70 percent of the South Korean population lives within 10 kilometers of a Coupang logistics center.
“We are sincerely pleased to be working together with North Jeolla Province and Wanju County to build a new fulfillment center and bring thousands of new jobs to the region,” said DJ Park, Coupang’s Representative Director of New Business. “Investing in regional economies like Wanju and creating new jobs across Korea has always been a priority for Coupang. Thanks to the power of global investment, we can now greatly expand our efforts to invest nationwide and grow together with local communities.”
This press release contains express and implied forward-looking statements, including statements regarding Coupang’s proposed investments, expected benefits of such investments, as well as job creation. These forward-looking statements are subject to a number of risks, uncertainties and assumptions, including those described under the heading “Risk Factors” in the Final Prospectus Coupang filed with the Securities and Exchange Commission pursuant to Rule 424(b) under the Securities Act of 1933. In light of these risks, uncertainties, and assumptions, the future events discussed in this press release may not occur and actual results could differ materially and adversely from those anticipated or implied in the forward-looking statements. As a result, you should not rely on any forwarding-looking statements as predictions of future events. These forward-looking statements speak only as of the date of this press release and Coupang undertakes no obligation to revise or update any forward-looking statements to reflect events or circumstances after the date hereof.